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1) Loans
Eligible for Repayment
A NELRP participant will receive funds to repay a portion of the outstanding principal of, and interest on, qualifying educational loans (see Definition of Terms) obtained by the participant, at the time of the participant's undergraduate and/or graduate nursing education, to pay for:
- Tuition, fees, and other reasonable
educational expenses (see Definition
of Terms) for qualifying nursing
education; and
- Reasonable living expenses (see Definition
of Terms) incurred for qualifying
nursing education.
2) Examples of
Eligible Loans
- Nursing Student Loans;
- Stafford Loans; and
- Supplemental Loans for Students.
3) Examples
of Loans Not Eligible
The following are examples of financial
obligations that do not qualify for repayment
by the NELRP:
- Loans for which the applicant has
an Existing Service Obligation (see
Definition of
Terms);
- Loans obtained for training in vocational
or practical nursing (LVN/LPN);
- Loans obtained from family members
or private institutions not subject
to Federal or State examination and
supervision as lenders;
- Loans made prior to or after the applicant's
qualifying nursing education;
- Loans obtained for non-nursing education;
- Loans that have been repaid in full;
- PLUS loans (made to parents);
- Any portion of a consolidated/refinanced educational loan that is not clearly identified as being for reasonable educational expenses and reasonable living expenses incurred for qualifying nursing education by the applicant (See Definition of Terms).
- Consolidated/refinanced educational loans that include any debt other than eligible educational loans of the applicant;
- Credit card payments or personal lines of credit;
- Federal Perkins Loans (unless the applicant can provide documentation as indicated in Section
L.3 (Instructions for Completing Required Supplemental Forms) that such loans are not subject to cancellation).
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